The chief executive of German utility RWE AG (RWE.XE) can't rule out job cuts over the next 11 years due to the current economic turmoil, according to an interview to be published in Monday's edition of Handelsblatt.

Amid calls from unions to extend for the long term a contract on job security that expires this year, CEO Peter Terium tells the newspaper: "With the best will, I can't promise that RWE for the next 11 years, which is what the demand calls for, will totally be able to avoid enforced redundancies."

"Such long-term guarantees aren't possible anymore in times of euro crisis, financial crisis and the energy turnaround [Germany's policy switch towards renewable energy sources]," Terium is quoted as saying.

Διαβάστε ακόμα